Up to a million Canadians would struggle to cope with a 1 per cent rise in interest rates with 700,000 at risk from even a 0.25 per cent rise

The digitalization of financial services continues to gather pace with TD Bank announcing the launch of its own artificial intelligence chatbot.

TD Clari is integrated into the bank's top-ranked mobile app to enhance its ability to help customers with spending decisions and managing their finances.

The bank says it wants to make keeping on top of finances as easy as texting a friend.

"Customer expectations are constantly evolving, and we believe AI is key to creating exceptional, personalized experiences and adding real value to our customers across our digital properties," says Rizwan Khalfan, TD's Chief Digital and Payments Officer. "TD's investment in Conversational AI is part of our strategy to empower customers with deeper insights into their financial decisions as they make everyday purchases or prepare for big life moments."

The new launch complements the bank’s other digital services including mobile apps for financial goal setting and the TD for Me app which uses geolocation technology to connect customers with mobile mortgage specialists.

TD Clari also provides answers to common questions asked by customers and can connect them to a live agent where required.